Vision Calls for End to Fannie and Freddie but Federal Backstop on Some Loans

President Barack Obama set the stage Tuesday for the most sweeping changes to the mortgage market in decades, part of the White House's opening bid to push along nascent bipartisan Senate talks to replace Fannie Mae and Freddie Mac.

Mr. Obama struck a populist note for his latest economic speech. He said he wouldn't support restoring the bailed-out mortgage giants to the quasi-public status they enjoyed before the credit crisis, which let Fannie and Freddie make profits during good times, "knowing that if their bets...